Correction

A news brief Friday on page 3 was mistaken in saying that Bank of America Corp. was revamping its private banking division and had named Holly D. Deem as the division's president. Ms. Deem was actually made its president of private investments; she will report to David Fisher, one of the private bank's three presidents.

The article was also wrong in saying the private bank had been absorbed into a new unit, Banc of America Capital Management.